Page 23 - Acquisition

Life Insurance Corporation increases stake in SAIL by 2.001% to 8.687%

Earlier this week, LIC had raised its stake in IT firm Tech Mahindra Ltd by about 2 per cent through an open market acquisition

Allcargo Logistics completes acquisition of 30% stake in Gati subsidiary

With the conclusion of this deal, Allcargo, along with Gati, now holds 100 per cent stakes in GKEPL and assumes complete control

Tanla to acquire ValueFirst Group in all-cash deal of up to Rs 395 crore

Enterprise messaging firm Tanla said it will acquire peer ValueFirst and its subsidiaries in an all-cash deal ranging up to Rs 395 crore. Tanla will acquire 100 per cent stake in ValueFirst Digital Media Private Limited from US-headquartered Twilio for an all-cash consideration of USD 42 million (Rs 346 crore), subject to upward closing adjustments in the range of USD 2.5-3.5 million (Rs 20-29 crore), Tanla said in a filing on Thursday. The acquisition is expected to close in July 2023. It will also acquire ValueFirst Middle East FZC for a cumulative consideration of Rs 20 crore through a combination of primary investment and a secondary purchase from the existing shareholders, subject to closing conditions, according to the filing. The acquisition of ValueFirst Middle East FZC is expected to close by September 2023. "Acquisition of ValueFirst will further strengthen our undisputed market leadership in India. We only believe in purposeful acquisitions and have had an incredible tr

DS Group acquires chocolate brand LuvIt, to expand confectionary business

The company could scale the LuvIt brand to Rs 500 crore, up from the current Rs 100 crore, said Rajiv Kumar, vice chairman, of DS Group

KKR to take machinery maker Circor private in $1.6 bn deal, stock up 49%

KKR said it will pay $49 per share, sending Circor's stock up 49% at $47.20 in premarket trading. The offer represents a premium of nearly 55% to Circor's last close on Friday

UBS Group expects to complete Credit Suisse takeover as early as June 12

Shareholders of Credit Suisse will receive one UBS share for every 22.8 outstanding shares held. All of Credit Suisse's outstanding debt securities will become obligations of UBS

Not a merger, only acquisition of life insurance of Sahara India: SBI Life

It also said it is expeditiously working on the process of integrating all these policyholders (of Sahara India Life) in its systems

Aurum PropTech to fully acquire home rental platform NestAway for Rs 90 cr

Aurum PropTech on Friday said it will acquire up to 100 per cent stake in home rental platform NestAway Technologies for a cash consideration of up to Rs 90 crore. Founded in 2015, NestAway caters to individuals looking for rental housing in major cities. In a regulatory filing, Aurum Proptech informed that its executive investment committee has approved the acquisition of up to 100 per cent share capital of NestAway Technologies Pvt Ltd for a cash consideration of up to Rs 90 crore. NestAway secured a cumulative funding of USD 110 million at the latest valuation of USD 220 million in 2019, garnering investments from marquee investors such as Tiger Global, UC-RNT Fund, Flipkart, Goldman Sachs and Yuri Milner, the filing said. Besides, Rs 90 crore deal to acquire up to 100 per cent stake, Aurum PropTech said it will inject Rs 30 crore to stabilize the business. "This capital infusion in NestAway is a testament to Aurum PropTech's conviction in India's USD 20-billion rental housing

Brookfield acquires controlling stake in CleanMax Solar for $360 million

Canadian investor Brookfield said on Thursday it had acquired a controlling stake in Indian solar-panel maker CleanMax Enviro Energy Solutions for $360 million

GQG Partners buys Max Healthcare shares for Rs 415 cr via open market

GQG Partners on Monday acquired shares of hospital chain Max Healthcare Institute for Rs 415 crore through an open market transaction. According to the bulk deal data available with the National Stock Exchange (NSE), GQG Partners Emerging Markets Equity Fund bought 75,50,000 lakh shares of the firm. The shares were purchased at an average price of Rs 549.70 apiece, taking the transaction value to Rs 415 crore. Details about the sellers could not be immediately ascertained. Shares of Max Healthcare Institute gained nearly 1 per cent to close at Rs 550.45 apiece on the NSE. During the day, the scrip also touched its 52-week high of Rs 558.85 per share on the bourse. In a separate bulk deal, Morgan Stanley Investment Funds offloaded 9.60 lakh shares of Gland Pharma for Rs 89 crore. Morgan Stanley Investment Funds Emerging Markets Equity Fund sold 9,60,271 shares at an average price of Rs 930.69 apiece. This took the deal value to Rs 89.37 crore. On Monday, shares of Gland Pharma tu

Siemens dips 10% after board okays sale of low voltage-geared motors biz

In a step to address the fast-growing demand for electric vehicle (EV) charging infrastructure in India, the company signed an agreement to acquire the EV division of Mumbai-based Mass-Tech Controls.

Timex Group acquires watch retail brand Just Watches for undisclosed amount

US-based watchmaker Timex Group on Thursday said it has acquired Just Watches, a premium watch retail brand for an undisclosed sum. With this deal, Timex India will be taking over all the physical stores of Mumbai-based Just Watches and their e-commerce portal Justwatches.com, Timex Group said in a statement. "...this is in line with our future growth plans and hence brings a perfect synergy between the coming together of the two brands. We are confident that the acquisition will provide a wider choice of timepieces to our consumers. Through this business move, at Timex, we are geared up to increase our consumer base countrywide," Timex India Managing Director Deepak Chhabra said in a statement. Timex India currently operates over 35 exclusive franchised stores under the brand name Timex World. "The decision of this acquisition comes at a point wherein Timex India is looking to take their retail presence and business growth in the country to the next level reinforcing them to be th

Eiko Lifesciences acquires 25.01% stake in Reflux Pharmaceuticals

The acquisition is part of ELL's long-term strategic growth plan to diversify its portfolio and enter new markets

ZestMoney founders resign weeks after PhonePe calls off to acquisition

In April, ZestMoney laid off 100 employees, or about 20 per cent of its workforce

Qualcomm to acquire Autotalks to enhance its automotive safety technology

Qualcomm announced that it has entered into a definitive agreement to acquire an Israel-based fabless semiconductor company Autotalks that builds chipsets

Fair-trade regulator CCI approves for acquisition of Tower Vision India

Fair-trade regulator CCI on Wednesday granted approval for the acquisition of 100 per cent shareholding of Tower Vision India by Ascend Telecom Infrastructure and GIP EM Ascend 2 Pte Ltd. Ascend Telecom Infrastructure and GIP EM Ascend 2 Pte Ltd are funds and investment vehicles owned and controlled by Global Infrastructure Management LLC. The proposed combination pertains to acquisition by Ascend Telecom Infrastructure Pvt Ltd (Ascend) and GIP EM Ascend 2 Pte Ltd (GIP EM) of 100 per cent of the shareholding of Tower Vision India Pvt Ltd, according to an official release. Tower Vision India is controlled by Tower Vision Mauritius Ltd and is engaged in the provision of passive telecommunication infrastructure services. Separately, the regulator has given its nod to the acquisition by Sanjay Chamria of certain equity shares of Jaguar Advisory Services held by Poonawalla Fincorp Ltd and HDI Global SE. After acquiring the shares of Jaguar, it will result in an indirect acquisition by

CIEL Group to raise Rs 150-200 crore in FY23-24 to fund acquisition plans

Staffing solutions provider CIEL Group has planned to raise Rs 150 crore to Rs 200 crore this financial year to fund its acquisition plans, a top official said here on Wednesday. The funds raised would be deployed for the current acquisition targets of seven companies mainly in the professional staffing segment and human resource technology domain, among others, Ma Foi and CIEL Group executive chairperson K Pandiarajan told reporters here. The city-based company recorded revenue of Rs 815 crore in FY 2022-23, a 57 per cent increase on Rs the 520 crore revenue recorded in 2021-22. "We are planning to infuse around Rs 150 crore to Rs 200 crore through private equity and we have retained one of the most respected investment bankers for the purpose," Pandiarajan said. "Out of the seven companies, we believe four will be acquired during this year and we intend to deploy the funds for this purpose. We will also deploy a significant part of the funds towards strengthening the digital ...

CIEL Group to raise Rs 150-Rs 200 cr in FY 2023-24, says official

Staffing solutions provider CIEL Group has planned to raise Rs 150 to Rs 200 crore this financial year to fund its acquisition plans, a top official said here on Wednesday. The city-based company had recorded revenues of over 57 percent in FY 2022-23 to register Rs 850 crore, CIEL Group executive chairperson K Pandiarajan said. "We are planning to infuse around Rs 150 to Rs 200 crore through private equity and we have retained one of the most respected investment bankers for the purpose." MaFoi and CIEL Group executive chairperson K Pandiarajan told reporters here. The funds raised would be deployed for the current acquisition targets of seven companies mainly in the professional staffing segment, human resource technology domain among others, he noted. "Out of the seven companies, we believe four will be acquired during this year and we intend to deploy the funds for this purpose and we also deploy a significant part of the funds towards strengthening the digital properties," he

Fintech firm BharatPe acquires controlling stake in NBFC Trillion Loans

BharatPe said it has also infused a substantial amount of investment into Trillion Loans to enable the NBFC to grow its loan book

Brookfield buys 51% stake in Bharti Enterprises' 4 commercial properties

Global investment firm Brookfield has closed a deal to acquire a 51 per cent stake in Bharti Enterprises' four commercial properties, including Worldmark at Aerocity in the national capital, at an enterprise value of Rs 5,000 crore. In a statement, Bharti Enterprises and Brookfield Asset Management on Monday announced the successful closure of their joint venture agreement for a 3.3 million square feet portfolio of commercial properties primarily located in the Delhi-NCR region. The properties include Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana). "As part of this deal, a Brookfield-managed private real estate fund now owns a 51 per cent stake in this joint venture, while Bharti Enterprises continues with a 49 per cent stake. The enterprise value for the transaction is around Rs 5,000 crore," it added. Bharti Realty Ltd is the real estate arm of Bharti Enterprises, which has a presence in telecom, real estate, insurance, hospital